CIPS L5M3 practice materials Questions Answers

Exam Code:
L5M3
Exam Name:
Managing Contractual Risk Exam
Last Update:
Jun 01,2026

120 Questions Answers Verified by Experts!


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CIPS L5M3 Questions for Level 5 Advanced Diploma in Procurement and Supply Certification Exam 2026

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Page: 1 / 24
Total Questions: 120

Questions & Answers PDF

• Question 1

  

  Which of the following statements about penalty clauses is not true?

  • they are used to deter the parties from breaching the contract
  • they are illegal
  • they provide damages in excess of the true cost of a breach
  • they can harm the working relationship

  Reveal Answer Answer: B Next Question

• Question 2

  

  Molly is a wedding planner who has just set up as a sole-trader. She has a meeting with a po-tential couple to organise their wedding. The couple is extremely risk adverse and have asked Molly to email them a copy of her insurances. Which insurances should Molly send? Select TWO

  • Products Liability Insurance
  • Employers Liability Insurance
  • Professional Indemnity Insurance
  • Public Liability Insurance

  Reveal Answer Answer: C, D Next Question

• Question 3

  

  Which of the following are a suitable course of action to take in the event of a minor breach of a contract? Select TWO

  • litigation
  • progress meetings
  • collaboration
  • adjudication
  • liquidated damages

  Reveal Answer Answer: B, C Next Question

• Question 4

  

  Which of the following must a legally binding contract contain? Select THREE

  • Intention
  • Indemnity
  • Consideration
  • Liability
  • Capacity

  Reveal Answer Answer: A, C, E Next Question

• Question 5

  

  R3D3 is a computer manufacturer who has had an issue with their supplier. They are seeking a conflict resolution approach which is flexible but will provide a binding and enforceable outcome. They would like the resolution to be confidential and directed by an independent third party that is appointed for them. Which of the following would be the best conflict resolution for them to select?

  • mediation
  • arbitration
  • negotiation
  • litigation

  Reveal Answer Answer: B Next Question

• Question 6

  

  Which of these is NOT a stage in negotiation?

  • proposal
  • agreement
  • bargaining
  • adjourning

  Reveal Answer Answer: D Next Question

• Question 7

  

  Which of the following would not be considered a contract? Select TWO

  • A written agreement between two robbers to rob a bank which states that the money gained would be split evenly between the two.
  • a domestic agreement between two parents about who will pick the kids up from school
  • a phone call between a supplier and buyer in which the buyer agrees to purchase 100 teddy bears from the supplier for 100.
  • a written document in which Paul agrees to clean Freda's house for 10
  • an email chain between a buyer and supplier which includes a PO and Invoice

  Reveal Answer Answer: A, B Next Question

• Question 8

  

  A breach which is so severe that it goes to the root of the contract is known as what?

  • fundamental breach
  • condition breach
  • major breach
  • essence breach

  Reveal Answer Answer: A Next Question

• Question 9

  

  George is a procurement manager at a manufacturing company and is reviewing a contract he has with a supplier. He notes that there are multiple appendices to the contract and there is no Precedence of Documents. What does this mean for the contract?

  • all clauses are considered equal
  • clauses in the contract take precedent over clauses in the appendices
  • the clauses that come first in the document, take precedent
  • the contract is not valid

  Reveal Answer Answer: A Next Question

• Question 10

  

  Where two parties are engaged in international trade and have a long term relationship and a degree of mutual trust, which payment mechanism is commonly used?

  • Letter of Credit
  • Documentary Collection
  • Bill of Exchange
  • Stage Payment

  Reveal Answer Answer: B Next Question

Page: 1 / 24
Total Questions: 120

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